Hamilton County approves support agreement for Riverview Health financing and moves to buy adjacent hospital properties

Hamilton County commissioners on Tuesday approved a support agreement tied to Riverview Health—9s upcoming financing and authorized a resolution to buy nearby properties the hospital presently uses, measures county attorneys said are designed to protect taxpayers and preserve hospital operations. Jeremy Oliver of Barnes & Thornburg described the support agreement as part of the financing package and said the hospital would reimburse the county if the county had to make a payment under a lease, and that the reimbursement would be secured by hospital revenues and some additional hospital real estate. "The hospital will have a reimbursement obligation to the county," Oliver said. The support agreement also includes terms for funding a debt service reserve fund, restrictions on the hospital incurring additional debt without county consent while the financing is outstanding, reporting requirements and indemnification provisions, he said. The commissioners also approved a separate resolution authorizing the county to purchase several parcels the hospital uses, including a former car dealership property and portions of the Noblesville Square shopping center that house a rehabilitation facility. County counsel said the county intends to lease back portions of the space to Riverview Health for continued use, but keep leases short to preserve options to redevelop the sites. "This will also be before the county council at their meeting on October 1 given the appropriation needed to fund that purchase," counsel said when describing the real estate steps. Commissioners and counsel discussed coordinating with city officials about existing uses, including a farmers market that has used the parking area, and the need for hold-harmless insurance arrangements before ownership changes are finalized. The county attorney and outside counsel said additional drafting work remained on the support agreement but sought authorization to execute the documents as they are finalized. Commissioners voted to approve the resolutions and authorize execution with further technical changes as needed. No formal vote tally of individual commissioners was recorded in the transcript excerpt. The county indicated the real-estate purchase will also proceed to the county council for appropriation on Oct. 1 and that leases will be reviewed by county staff before execution.